Architecture Metaverse Platform STELSI Attracts Strategic Investment from Nexus One

Hong Kong Authorities Block Access to JPEX Amid Ongoing InvestigationDubai-headquartered crypto exchange JPEX has been under intense scrutiny in Hong Kong over the course of the past week due to issues experienced by Hong Kong users in withdrawing funds from the platform. In the most recent twist to the saga, authorities in the Chinese autonomous territory have now blocked access to the JPEX website and mobile application.Photo by Tao Yuan on UnsplashCutting off service accessThe firm published a statement on Wednesday, outlining this latest sanction, while protesting that the move had been unreasonable. It appears that the authorities requested local telecommunications providers to block access to the company’s online platform.The measure follows ongoing enforcement actions initiated by local law enforcement agencies, which have led to the detention of at least 11 individuals and the seizure of assets related to the case. The scandal has also had implications for the crypto sector as a whole, as local regulators are now looking once more at regulation and determining if there’s a need to tighten regulatory measures as a consequence of JPEX’s failings in Hong Kong.VPN recommendationIn its statement, JPEX stated:“Since September 13, 2023, the SFC [Securities and Futures Commission] has suddenly made a series of accusations against our platform’s operating model and promotional methods, which we vehemently resent as they were made without investigation or review.”In response to the blocking of their platform, JPEX has encouraged users to utilize virtual private network (VPN) services to access their services. The exchange sought to reassure its user base, stating: “Here, we strongly reiterate that, even in the face of such oppression and unfair treatment, our platform will continue to operate as usual. Users can log into our mobile application or operate on our web version using VPN applications like Surfshark.”The investigation into JPEX was initiated following warnings from the SFC regarding false or misleading statements made on social media by crypto influencers and the trading platform relative to a trading license application.On Sunday, JPEX announced that it had suspended certain operations and increased withdrawal fees due to an ongoing liquidity crisis, triggering an influx of complaints from users. As of Monday night, the police had received a total of 1,641 complaints, with claims amounting to approximately HK$1.19 billion ($152 million) in assets involved, as revealed during a police briefing on Tuesday.DAO Stakeholders Dividend PlanIn response to these developments, JPEX unveiled plans for a “DAO Stakeholders Dividend Plan.” Under this initiative, JPEX users will have the opportunity to convert their assets on the platform into DAO stakeholder dividends at a 1:1 ratio.The exchange intends to distribute 49% of the DAO Stakeholder dividends, with an estimated total value of approximately 400,000,000 USDT available for subscription and conversion. Additionally, JPEX plans to offer repurchase options one year and two years after the program’s launch.New users who subscribe to the DAO stakeholder dividends will enjoy double payouts, and they will not be required to bear all the operational responsibilities of the platform. This move is seen as an attempt by JPEX to address the concerns of its user base and navigate the challenges it currently faces.The situation surrounding JPEX remains fluid, with ongoing investigations and regulatory actions continuing to unfold.

KLEVA, a decentralized finance (DeFi) service that until now has been based on the Klaytn blockchain, is set to move to Wemade’s WEMIX3.0 mainnet as a native service and undergo a new upgrade to “KLEVA omni”, according to an official Medium announcement by WEMIX on Tuesday (KST). As a result, KLEVA tokens will be issued on the WEMIX3.0 network instead of Klaytn. Existing tokens will be migrated to WEMIX3.0 as well.Photo by GuerrillaBuzz on UnsplashThe team at KLEVA revealed that it decided to move the service to WEMIX3.0 to gain access to broader inter-network connectivity. The decision also came as a result of security strengthening efforts related to custodial bridge services using the Lock and Mint method. Unveiling KLEVA omniKLEVA omni is an amalgamation of service advancements within the Trans-Chain DeFi protocol, rooted in the WEMIX Foundation's unagi initiative – a new innovative omnichain network and interoperable Web3 gaming platform. This innovative protocol integrates optimized tokenomics tailored for the omnichain ecosystem. By going beyond the limitations of single-chain DeFi and placing an emphasis on token rewards, the value of the Trans-Chain DeFi protocol is centered around the KLEVA token.  At its core, KLEVA omni is differentiated in its ability to process trans-chain transactions. It serves not only as a comprehensive solution for inter-chain yield farming but also as a bridge between service providers and users across boundaries.  Solution to variable yields and interchain risksIn addition, in the current market landscape, variations in deposit yields and loan interest rates exist for the same asset across different chains and services. KLEVA omni addresses this by sharing such information with users, streamlining their research and decision-making processes. This makes it easier for users to optimize their investment portfolios. The protocol will use una Bridge – a non-custodial omnichain bridge under the unagi initiative that mitigates the risks presented by wrapped tokens – to enable secure and efficient trading. It will also support various blockchains like Arbitrum, Optimism, Avalanche, Polygon, Ethereum, BNB and Solana.

Galaxia Metaverse Joins Hands with MVL Foundation to Expand Blockchain EcosystemsSouth Korean blockchain company Galaxia Metaverse said Wednesday it will collaborate with MVL Foundation, a blockchain-based mobility enterprise in Singapore, to advance their respective blockchain ecosystems by enabling the use of their tokens, Galaxia (GXA) and MVL, within them.Photo by Shubham Dhage on UnsplashPromoting token utilizationAs of now, MVL tokens can be used for purchasing discount coupons for TADA, MVL Foundation’s ride-hailing service. Through the partnership, GXA tokens will also be able to purchase TADA discount coupons through MVL’s cryptocurrency wallet, Clutch Wallet. Discussions are currently underway regarding more joint ventures, such as integrating the MVL token with staking products offered by Galaxia’s own digital wallet.“The MVL token is already being used by millions of mobility service users with Southeast Asia as its base. Through this partnership, we expect that our global expansion will be accelerated as we bring more users to our ecosystem,” Galaxia emphasized.Expanding the Southeast Asian user baseMVL Foundation operates its mobility services mainly in Southeast Asian countries including Singapore, Cambodia, and Vietnam. Its ride-hailing service TADA is the second-largest of its kind in Singapore. This ecosystem is connected via blockchain, enabling participants to receive rewards in accordance with their activities and ultimately forging a Web3 mobility system.Subsequently, Galaxia intends to take advantage of MVL’s solid footing in Singapore to push joint localized marketing within the country.“We are planning to develop various solutions, rewards, and service integrations with MVL by leveraging our strengths, expertise, and networks,” Galaxia said.Meanwhile, throughout this year, Galaxia has been expanding its blockchain ecosystem in other ways. Notably, it has collaborated with industry leaders such as Korean NFT exchange Pala and karaoke app Somesing.